Harel Insurance Investments & Financial Services Ltd. Acquires 5,165 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Harel Insurance Investments & Financial Services Ltd. increased its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,214 shares of the software maker's stock after buying an additional 5,165 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.'s holdings in Fortinet were worth $4,449,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares during the last quarter. ORG Partners LLC raised its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares during the period. Cornerstone Enterprises LLC raised its stake in Fortinet by 2.3% in the 1st quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock valued at $483,000 after acquiring an additional 115 shares during the period. CIBC Private Wealth Group LLC raised its stake in Fortinet by 1.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after acquiring an additional 116 shares during the period. Finally, Evergreen Capital Management LLC raised its stake in Fortinet by 2.0% in the 4th quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock valued at $590,000 after acquiring an additional 124 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

NASDAQ:FTNT traded up $3.06 during trading hours on Friday, hitting $105.27. The company's stock had a trading volume of 2,864,114 shares, compared to its average volume of 4,857,707. The stock has a fifty day simple moving average of $103.23 and a 200-day simple moving average of $100.68. The company has a market capitalization of $80.57 billion, a P/E ratio of 43.32, a PEG ratio of 3.64 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm posted $0.43 earnings per share. The firm's revenue was up 13.8% compared to the same quarter last year. On average, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FTNT shares. Roth Capital set a $103.00 price target on Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Wells Fargo & Company dropped their price target on Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus dropped their price target on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Cantor Fitzgerald lowered their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Jefferies Financial Group lowered their price objective on Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.62.

Insider Activity

In other news, Director William H. Neukom acquired 335 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.